Creditors of Yellow's owner to vote June 15 on winding up company, putting assets in new vehicle

Tue, 09 Jun 2015

By Jonathan Underhill June 9 (BusinessDesk) - Creditors of NZ Directories Holdings, the owner of the Yellow directories service, will vote next week on a plan to wind up the company, putting the assets into a new vehicle which would issue them with securities in return for relinquishing claims to $385 million of debt. Auckland-based NZ Directories has gross assets of $182.5 million and there is "no realistic prospect that the company can refinance the existing debt facilities with a third-party financier" when they come due on Aug. 31, th...

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